Egypt has set its external borrowing ceiling at $16.733 billion for the 2018-2019 financial year, a government document obtained by Reuters showed.

Egypt will borrow $10.51 billion for the repayment of external debt in 2018-2019. Total external government debt is expected to reach $98.863 billion.
Egypt has borrowed heavily from abroad since it began an IMF-backed economic reform programme in late 2016.

It faces a tough foreign repayments schedule over the next two years as well as a rising oil import bill, though analysts say much of the debt is from low-cost loans from Gulf countries almost certain to roll it over.

The document showed that a $3.3 billion deposit from Kuwait due for repayment this financial year was not included in the calculation of Egypt’s borrowing requirements.

The finance minister said Egypt was planning to issue foreign currency denominated bonds later this year or early in 2019.